Shares of Hariom Pipe Industries on Wednesday opened with a premium of nearly 44 per cent against the issue price of Rs 153. The stock made its debut at Rs 214, registering a jump of 39.86 per cent against the issue price on the BSE.
At the NSE, it opened at Rs 220, a gain of 43.79 per cent from the issue price.
Santosh Meena, Head of Research, Swastika Investmart Ltd. said, "Hariom Pipes Ltd. has debuted on the secondary market at Rs. 220 with a handsome gain of 43 percent. The company’s good listing can be attributed to good market sentiments and good prospects for the Steel Pipes industry. The company has an integrated nature of operations, a cost-effective process and an experienced management team, however, the cyclical nature of the industry, and commoditized nature of products make it suitable only for the aggressive investors in the long term. Those who applied for listing gains can maintain a stop loss of Rs.195."
The Rs 130-crore Initial Public Offering (IPO) of Hariom Pipe Industries was subscribed 7.93 times earlier this month.
The issue, which kicked off for subscription on March 30, concluded on April 5.
The Hyderabad-based company manufactures steel products and has a wide distribution network in south India. It caters to customer requirements in various sectors such as housing, infrastructure, agriculture, automotive, solar power, power, cement, mining and engineering.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)
